MARKETING is the process of interesting potential customers and clients in your products and/or services. In general, marketing activities are all those which are associated with identifying the particular wants and needs of a target market of customers, and then going about satisfying those customers better than the competitors.This involves doing market research on customers, analyzing their needs, and then making strategic decisions about product design, pricing, promotion and distribution. The ultimate purpose in marketing is attracting and retaining a growing base of satisfied customers.The official definition from The Chartered Institute of Marketing (CIM) is 'Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably.'
Many young people shy away from marketing careers because they equate marketing with peddling household products, door-to-door selling, but the role of the professional marketer is far more complex and engaging than that.They help their organizations anticipate the public's needs and position them to satisfy the same. Marketing is the essential link between an organization and its target audience.
THE WORKOften people are confused between marketing and advertising.The simplest way to distinguish between the two is to understand that advertising is a single component of the marketing process, which also includes market research, product pricing, public relations, sales strategy, customer support, distribution, media planning, and community involvement.
Marketers create, manage, and enhance brands. Product/ Brand managers are involved in commissioning and interpreting market research studies, analysing sales data and identify trends, working with advertising agencies to develop new campaigns, and working with sales managers to coordinate new promotions.
In retailing, the key position is in merchandising management in which a buyer is responsible for selecting merchandise, guiding the promotion of the merchandise, setting prices, working with suppliers, training the sales force, and monitoring the competitive environment. The buyer also must be able to organize and coordinate many critical activities including specifications of product needs and supplier evaluations.
SKILL SET/ EDUCATIONWhile a relevant degree is not essential to get into marketing, you do need to demonstrate that you have the basic skills, possess strong interpersonal, communication, and analytical skills; and have entrepreneurial leanings. If your creativity is matched by analytical acumen, you may find that a career in marketing offers a worthy challenge. Again, though a specialized qualification in marketing may not be necessary to enter the profession, most people who wish to climb up the ladder do acquire a professional business qualification (MBA) or an internationally accepted professional certification such as offered by the Chartered Institute of Marketing (CIM) (UK), for example. Market researchers who may be MBAs, Psychologists, Sociologists or Statisticians are involved in the process of obtaining, analyzing, and interpreting data to facilitate making marketing decisions.
CAREER PROSPECTSYour entry point qualification and work experience are the factors that determine your earning potential. The more qualified you are, the higher up the career ladder you can start. However, there is a difference between the remuneration offered to marketing professionals in different industries and sectors. Much of the time, the marketers have a variable salary component which is linked to their competency and achievement of set targets.
Manufacturing, retailing, wholesale, pharmaceutical, services, media, NGOs, international marketing etc are the varied opportunities in marketing. In fact, there is a role for marketing in almost every sector and every industry, with new opportunities opening up in the services sector such as law, banking, insurance, fashion, sports, hospitals and health services, etc.
